Agrarian Fund to buy 1.5 m tonnes of grain over first three months of new MY

14:41

The Agrarian Fund of Ukraine is planning in the first three months of the new marketing year (MY, July 2009-June 2010) to buy about 1.5 million tonnes of grain, the press service of the Agriculture Ministry of Ukraine has said, referring to Agrarian Fund Director General Volodymyr Ivanyshyn.

According to a statement, the Agrarian Fund is intending to start purchases from July 1, having about UAH 1 billion on its own accounts.

"For the first time the state will start the new MY with about UAH 1 billion on the Agrarian Fund's accounts. In total, UAH 3 billion is foreseen in financial resources," the statement reads.

The Agriculture Ministry recommends farmers work with the Agrarian Fund on a collateral mechanism as this year the payment for the state loan under a collateral of grain is 9.05%.